“Year-to-date, energy is the worst-performing sector by a long shot,” said Manash Goswami, a portfolio manager at First Asset Investment Management Inc. The group has fallen about 12 percent this year. “People are a little bit more confident with crude prices ... It seems the fundamental background for oil is more constructive now.”

The Toronto Stock Exchange’s S&P/TSX composite index rose 22.81 points, or 0.14 percent, to a record close of 16,025.59. It touched a fresh intraday high of 16,064.68.

Half of the index’s 10 primary sectors rose.

“If energy reverses their first-half of the year performance or claws some of it back ... you can see this rally continuing,” said Goswami, adding that investors are also seeing a positive growth trend based on quarterly results so far.

The heavily weighted financials group added 0.2 percent.

Canadian Western Bank gained 4.8 percent to C$36.34 following news it is acquiring ECN Capital Corp assets. ECN Capital Corp was up 4.8 percent at C$36.34.

Colliers International Group jumped 7.8 percent to C$75.61 after posting strong quarterly growth.

Valeant Pharmaceuticals Inc was up 3 percent to C$15.07 after it said it will cut its debt by an additional $125 million, exceeding its previously stated goal of $5 billion, and months ahead of schedule.